Barclays, the U.K. banking behemoth, is challenging Barclays To Host Blockchains Hackathon developers to assist refurbish the worldwide derivatives market next month at a hackathon.
Disclosed to the media this week, DerivHack will take place at Barclays’ Rise accelerator spaces at the same time in New York and London on September 20 and 21, 2018. The ISDA (International Swaps and Derivatives Association), Thomson Reuters, and Deloitte are co-sponsoring the hackathon.
Those participating will apply ISDA’s CDM (Common Domain Model), a set of data standards and processes, employing their choice of DLT (distributed ledger technology) platform to competently model derivatives contracts’ post-trade processing.
CDM makes an effort to harmonize the way data and presented all over different platforms and firms.
As such, its acceptance is broadly seen as a requirement for the financial sector smart contracts and DLT.
One objective of the event is to understand which of the society-employed enterprise DLT platforms (such as Hyperledger Fabric, R3’s Corda, or Ethereum) controls smart contracts’ derivative life cycle most gracefully.
Speaking of Barclays, the firm is carrying on its push to branch out stock trading with senior recruitments.
The bank hired Mike Lewis. He will be working as managing director in New York for the US equities cash trading, claimed Brittany Berliner, a spokeswoman of the bank, to the media in an interview.
Lewis, who begins his role in November 2018, has an experience of 13 Years at Morgan Stanley, where he assisted design the company’s block-trading abilities.
Barclays also appointed Justin Kantrowitz and Andrew Rouff. Both of them are hired by Credit Suisse Group AG.
They are appointed in New York for the consumer-trading desk. Being a managing director,
Rouff will aim at trading while Kantrowitz will be a desk-based analyst and a director supervising user stocks. Both will begin their job in October 2018.
That event sounds very thrilling! Hosting a hackathon centered on blockchain technology to assist with contract processing in the derivatives market could have significant effects on the financial industry’s efficiency, transparency, and safety.
A hackathon is a collaborative event where programmers, developers, and other tech enthusiasts work intensively on a specific project, typically with the aim of creating a functional prototype or discovering innovative solutions to a specific problem.
By leveraging blockchain technology, Barclays To Host Blockchains Hackathon intends to resolve contract processing challenges in the derivatives market. Among the prospective benefits of blockchain for financial transactions are:
Decentralization: Blockchain operates on a distributed network of nodes, eradicating the need for a centralized authority to supervise and validate transactions.
This can reduce the risk of fraud and manipulation while increasing the level of transparency.
Smart Contracts: Blockchain enables the construction and execution of smart contracts, which are contracts that execute themselves based on predefined rules and conditions.
These intelligent contracts can automate a number of processes, including contract administration and settlement.
Immutability: Once data on a blockchain,
it is virtually impossible to change or remove it, ensuring a secure and tamper-resistant record of transactions.
Efficiency: By eradicating intermediaries and streamlining processes,
blockchain technology has the potential to reduce contract processing time and expense.
The hackathon would likely on developing and testing prototypes or applications,
that demonstrate how blockchain can be utilized in contract processing on the derivatives market.
The possibility of obtaining prizes or receiving recognition for the most promising solutions would encourage
participants to collaborate and innovate.
As the host, Barclays To Host Blockchains Hackathon would presumably provide the participants with technical resources,
mentors, and access to relevant data and APIs.
Overall, such a hackathon could play a significant role in investigating the potential of blockchain
technology in the financial industry and contribute to ongoing efforts to improve the efficiency and security of financial processes.
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